CARES Act Revolving Loan Fund helps Gratitude Spa & Salon open its doors

One of Bismarck’s newest small businesses, Gratitude Spa & Salon, opened its doors in early May. Located across from Dan’s Supermarket at 1147 West Capitol Avenue, the 5,500 square foot salon offers clients with a wide variety of services, most notably: hair cuts, hair colors, hair extensions; manicures, pedicures, facials, microblading, lash extensions, waxing, massages, and steam showers.

According to owner Kristin Chorne the salon serves both women and men with the goal of creating an ideal environment for customers to relax and be served. 

Chorne’s long-held goal of opening her own business was finally realized in part to support from Lewis & Clark Development Group (LCD Group) specifically through the CARES Act Revolving Loan Fund.

Last year, LCD Group received a $1,133,000 investment award through the U.S. Economic Development Agency (EDA) to capitalize a CARES Act Revolving Loan Fund (CRLF) for small businesses.

Among the fund’s criteria was spacing, which Matt Burthold, LCD Group commercial lending director, says proved to be a beneficial for Gratitude Spa & Salon.

“When we looked at the property and the plan, we could see Gratitude Spa and Salon had a key advantage compared to its competition due to the facility’s size and the spacing of clients. The CARES Act Revolving Loan Fund has a COVID-19 pandemic focus. Gratitude Spa and Salon has the ability to be more spaced out than other similar businesses. They realized capacity restrictions may not be changing for some time. As COVID is becoming endemic, Gratitude’s spacing and several private rooms qualified them for funding,” says Burthold.

Chorne’s banker, First Western Bank & Trust, along with the Bank of North Dakota, worked with LCD Group on assembling a financing package.

“One of the great aspects of  any loan through the Cares Act Revolving Loan Fund  is that it provides local funding for the Bank of North Dakota’s Flex PACE interest buydown program. This really assists with small business cash flows,” adds Burthold.

For her part, Chorne is grateful for all the assistance in making her business dream a reality.

“Matt and the rest of the staff at LCD Group was incredibly helpful and professional. They made the process of securing assistance really easy and worked seamlessly with our bank. We cannot thank them enough for their assistance,” says Chorne.

Gratitude is such a deeply embedded personal value for Chorne that it inspired her business’s name noting her parents taught her the importance of being grateful. Chorne lost both her parents suddenly at young ages and she says the business’ name is her way to honor them for all they did for her.

Gratitude Spa & Salon is now accepting both customers and hiring stylists, massage therapists, nail technicians, and more. Learn more about Gratitude here or by calling (701) 595-7600.

To learn how LCD Group can help grow your small business, visit our website or contact Matt Burthold at (701) 667-7601 or at matt@lcdgroup.org. 

Credits & Additional Sources: U.S. Country 103.3